FX.co ★ Oil Climbs for Third Session

Crude oil edged toward $79 per barrel on Monday, extending gains for a third straight session as uncertainty lingered over efforts to fully reopen the Strait of Hormuz. Over the weekend, Iran said its talks with Oman on establishing a shipping corridor through the strategic waterway were close to conclusion, but stressed that any agreement would not result in the immediate reopening of Hormuz. Tehran also ruled out direct negotiations with the United States for now, accusing Washington of violating the interim peace deal reached in June, and reiterated its demands for an end to the US naval blockade, the lifting of sanctions, and compensation for war-related damages. At the same time, President Donald Trump signaled he was prepared to wait, even as pressure grew on Washington to secure an accord with Iran. Elsewhere, Iran-backed Houthi militants in Yemen claimed responsibility for an attack on Saudi Arabia’s Jazan refinery, while a tanker operated by Abu Dhabi National Oil Co. was targeted in the Strait of Hormuz over the weekend.